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Setting Up In Business FAQs

Setting Up In Business FAQs

What initial steps are involved in setting me up as a client of THPCA, if I already have a company and an accountant?

If you are already in business and wish to change from your current accountant to THPCA, all we have to do is write to your current accountant notifying them that you have asked us to take over your accountancy / tax compliance matters with immediate effect. We will then correspond with them to obtain all the information we need to set you up as a client of THPCA. This process is seamless.

What initial steps are involved in setting me up as a client of THPCA, if I am new to business?

If you are new to business, we will need to first assess what structure is the most appropriate for you (sole proprietorship, partnership, limited company). Thereafter we need to put into place all the necessary registrations for VAT, payroll, tax etc. During this process we will advise you on the best company structure and shareholdings, and the significance and liability of appointed officers etc.

How do I decide what is the best structure for me?

There are many factors to be considered in deciding whether you should set up a company or become self-employed. Generally they centre around which sector you will be entering, whether you are going into business with a third party, the financial investment, the financial risk, potential profitability. A detailed review will be carried out at the initial meeting and you will be advised of the best option for you.

If I form a Limited Company, do I need a company secretary?

No you don’t – it used to be a legal requirement for a Limited Company to have a second individual to act in the statutory capacity of Company Secretary, but this requirement was dropped in the Companies Act 2006.

How long does it take to set-up a limited company?

We can set-up a company almost instantly on your behalf, once we have established that your preferred name is acceptable and available. We charge an additional fee for the Company set-up of £125 to cover all the set-up procedures.

How long does it take to organise the VAT and Corporation tax registration?

These registrations will normally be in place around 4-6 weeks after company registration.

Can I start my new career immediately?

Yes you can, you can start work while waiting for the appropriate registrations to come through.

What happens if I have been out of work before starting my new career?

If you have been claiming unemployment benefit, you need to sign-off and ask for a P45 from the Unemployment Benefit office. If you have not been claiming benefit you need to provide us with the P45 from your most recent employment, even if that was some time ago. If you have neither of these, we can still get you started, so don’t worry!

I have just arrived in the UK from overseas to start a business, what difference does that make?

Assuming you have the right to work in the UK (e.g. EC citizen; British descendant) then the main issue is that you will not have a National Insurance number or a previous tax history. We can complete the relevant paperwork to create a tax record for you, however you will have to personally obtain a national insurance number as this cannot be done on your behalf. You need to contact your local Inland Revenue office to do this – full guidance will be given if this is relevant to you.

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